't Stad: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
't Stad
Largest movements
- Cash +€77,745
up €77,745 (+88.2%), from €88,178 to €165,923
mainly Net result for the year (+€208,420) and Other debts (+€60,000)
- Tangible fixed assets -€42,687
down €42,687 (-14.0%), from €305,838 to €263,151
of which Plant, machinery and equipment: -€21,760
- Receivables within one year -€32,569
down €32,569 (-20.3%), from €160,691 to €128,122
of which Other amounts receivable: -€30,095
- Other debts +€60,000
up €60,000 (+44.4%), from €135,000 to €195,000
- Debts after one year -€35,078
down €35,078 (-21.5%), from €163,496 to €128,418
- Trade debts -€21,230
down €21,230 (-48.3%), from €43,944 to €22,713
- Reserves +€13,420
up €13,420 (+9.9%), from €134,995 to €148,415
- Tax, wage and social debts -€11,658
down €11,658 (-32.6%), from €35,781 to €24,123
of which Taxes: -€9,135
- Gross operating margin +€38,179
up €38,179 (+8.2%), from €466,879 to €505,057
- Staff costs -€30,728
down €30,728 (-12.5%), from €246,410 to €215,681
- Financial charges +€11,641
up €11,641 (+67.2%), from €17,314 to €28,955
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €567,375 | €574,274 | +€6,899 | +1.2% |
| Fixed assets | 21/28 | €305,838 | €263,151 | -€42,687 | -14.0% |
| Tangible fixed assets | 22/27 | €305,838 | €263,151 | -€42,687 | -14.0% |
| Plant, machinery and equipment | 23 | €131,657 | €109,897 | -€21,760 | -16.5% |
| Furniture and vehicles | 24 | €26,198 | €22,417 | -€3,781 | -14.4% |
| Other tangible fixed assets | 26 | €147,983 | €130,837 | -€17,146 | -11.6% |
| Current assets | 29/58 | €261,537 | €311,123 | +€49,586 | +19.0% |
| Stocks and contracts in progress | 3 | €10,552 | €13,841 | +€3,290 | +31.2% |
| Stocks | 30/36 | €10,552 | €13,841 | +€3,290 | +31.2% |
| Amounts receivable within one year | 40/41 | €160,691 | €128,122 | -€32,569 | -20.3% |
| Trade receivables | 40 | €5,435 | €2,961 | -€2,474 | -45.5% |
| Other amounts receivable | 41 | €155,257 | €125,161 | -€30,095 | -19.4% |
| Cash at bank and in hand | 54/58 | €88,178 | €165,923 | +€77,745 | +88.2% |
| Deferred charges and accrued income | 490/1 | €2,116 | €3,236 | +€1,120 | +52.9% |
| Total equity and liabilities | 10/49 | €567,375 | €574,274 | +€6,899 | +1.2% |
| Equity | 10/15 | €153,595 | €167,015 | +€13,420 | +8.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €134,995 | €148,415 | +€13,420 | +9.9% |
| Distributable reserves | 133 | €134,995 | €148,415 | +€13,420 | +9.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €413,780 | €407,259 | -€6,521 | -1.6% |
| Amounts payable after more than one year | 17 | €163,496 | €128,418 | -€35,078 | -21.5% |
| Financial debts | 170/4 | €163,496 | €128,418 | -€35,078 | -21.5% |
| Amounts payable within one year | 42/48 | €250,151 | €278,740 | +€28,589 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €33,604 | €35,078 | +€1,473 | +4.4% |
| Financial debts | 43 | €1,692 | €1,686 | -€6 | -0.4% |
| Credit institutions | 430/8 | €1,692 | €1,686 | -€6 | -0.4% |
| Trade debts | 44 | €43,944 | €22,713 | -€21,230 | -48.3% |
| Suppliers | 440/4 | €43,944 | €22,713 | -€21,230 | -48.3% |
| Advances received on contracts in progress | 46 | €130 | €140 | +€10 | +7.9% |
| Taxes, remuneration and social security | 45 | €35,781 | €24,123 | -€11,658 | -32.6% |
| Taxes | 450/3 | €10,577 | €1,441 | -€9,135 | -86.4% |
| Remuneration and social security | 454/9 | €25,204 | €22,682 | -€2,523 | -10.0% |
| Other amounts payable | 47/48 | €135,000 | €195,000 | +€60,000 | +44.4% |
| Accrued charges and deferred income | 492/3 | €134 | €101 | -€33 | -24.5% |
| Non-recurring operating income | 76A | €835 | €0 | -€835 | -100% |
| Remuneration, social security and pensions | 62 | €246,410 | €215,681 | -€30,728 | -12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,016 | €43,690 | +€1,673 | +4.0% |
| Other operating charges | 640/8 | €3,047 | €3,682 | +€634 | +20.8% |
| Gross operating margin | 9900 | €466,879 | €505,057 | +€38,179 | +8.2% |
| Operating profit (loss) | 9901 | €175,405 | €242,004 | +€66,599 | +38.0% |
| Financial income | 75/76B | €47 | €678 | +€631 | +1,330% |
| Recurring financial income | 75 | €47 | €678 | +€631 | +1,330% |
| Financial charges | 65/66B | €17,314 | €28,955 | +€11,641 | +67.2% |
| Recurring financial charges | 65 | €17,314 | €28,955 | +€11,641 | +67.2% |
| Profit (loss) for the period before taxes | 9903 | €158,138 | €213,728 | +€55,589 | +35.2% |
| Income taxes | 67/77 | €5,809 | €5,308 | -€501 | -8.6% |
| Profit (loss) for the period | 9904 | €152,329 | €208,420 | +€56,090 | +36.8% |
| Profit (loss) for the period to be appropriated | 9905 | €152,329 | €208,420 | +€56,090 | +36.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.